Running customer satisfaction surveys on your current client base while not a completely straightforward task with respect to building out the survey and the analysis is at least straight forward with respect to building out the client database. But after completing your survey and establishing the relevant metrics leading to high recommendation levels and economic growth, every company should come back and consider the recommendation levels of their top competitors.
Within every industry there will be scores of competitors with ranging market share. Understanding the core issues leading to high recommendation levels and underlying reasons leading to lower customer satisfaction and recommendation levels of your top competitors will provide your company with the know how to bite into at least a small portion of their market share and possibly focus on a business operation within your own company that otherwise might have gone unnoticed.
Now the main question is how do we target our competitor’s customers to analyze their satisfaction and recommendation levels?
To gather scores for your top competitors there are essentially two methods.
The easiest approach is for businesses that compete for the consumer’s or client’s “share of wallet”, meaning that the buyer may be using several vendors to purchase their products or service or will purchase one category from you and another from a separate vendor.
In this case you can analyze your current share of wallet of your existing client base and within the same survey ask your clients’ which other vendors they use, using a radio button and how likely it is that they will recommend the vendor to a friend or business contact.
The second option which will apply to most companies is a supplement to your customer satisfaction analysis, a short top competitor analysis. For this case you will want to keep the survey short and sweet as the respondents currently have no vested interest in assisting your company. To gather the required data you need to survey a representative sample of the entire customer base, which you should already know since you target the same customer base. Also, make sure to have an accurate and representative sample based on geographic location.
While targeting the customer base for your market you should have a max of four questions on the questionnaire.
1. Using a radio button style question, ask the respondent who their top three vendors are from a list of about the top ten vendors in the industry.
2. In your opinion who is the top vendor in the market?
3. How likely is it that you would recommend [vendor] to a friend or business contact?
4. What was the reason for providing your recommendation score?
After compiling all your responses and ensuring results are statistically significant you will have a birds eye view of the competitive landscape and the recommendation levels for your top competitors as well as why the respondent provided the score.
Taking a look at the entire customer base is more difficult and time consuming than analyzing your own client customer satisfaction which is why the survey itself should be short enough to gain a quick view and a high response rate.
Within every industry there will be scores of competitors with ranging market share. Understanding the core issues leading to high recommendation levels and underlying reasons leading to lower customer satisfaction and recommendation levels of your top competitors will provide your company with the know how to bite into at least a small portion of their market share and possibly focus on a business operation within your own company that otherwise might have gone unnoticed.
Now the main question is how do we target our competitor’s customers to analyze their satisfaction and recommendation levels?
To gather scores for your top competitors there are essentially two methods.
The easiest approach is for businesses that compete for the consumer’s or client’s “share of wallet”, meaning that the buyer may be using several vendors to purchase their products or service or will purchase one category from you and another from a separate vendor.
In this case you can analyze your current share of wallet of your existing client base and within the same survey ask your clients’ which other vendors they use, using a radio button and how likely it is that they will recommend the vendor to a friend or business contact.
The second option which will apply to most companies is a supplement to your customer satisfaction analysis, a short top competitor analysis. For this case you will want to keep the survey short and sweet as the respondents currently have no vested interest in assisting your company. To gather the required data you need to survey a representative sample of the entire customer base, which you should already know since you target the same customer base. Also, make sure to have an accurate and representative sample based on geographic location.
While targeting the customer base for your market you should have a max of four questions on the questionnaire.
1. Using a radio button style question, ask the respondent who their top three vendors are from a list of about the top ten vendors in the industry.
2. In your opinion who is the top vendor in the market?
3. How likely is it that you would recommend [vendor] to a friend or business contact?
4. What was the reason for providing your recommendation score?
After compiling all your responses and ensuring results are statistically significant you will have a birds eye view of the competitive landscape and the recommendation levels for your top competitors as well as why the respondent provided the score.
Taking a look at the entire customer base is more difficult and time consuming than analyzing your own client customer satisfaction which is why the survey itself should be short enough to gain a quick view and a high response rate.
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